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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 14. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company uses derivative instruments to manage commodity price risk and does not engage in speculative activities. The Company enters into derivatives solely for the purpose of economically hedging its exposure against adverse fluctuations of commodity prices. Generally, derivative instruments are recorded at fair value in other current assets or current liabilities in the Company’s unaudited interim condensed consolidated balance sheets. The Company’s current assets and liabilities that were accounted for at fair value:
Schedule of unrealized gain/loss on future contracts |  |  |  |  |  |  |  |
|  | December 31, |  |  | June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Current Asset |  |  |  |  |  |  |  |
Unrealized gain on commodity future contract |  |  | – |  |  |  | 230 |
Current Liabilities |  |  |  |  |  |  |  |
Unrealized loss on commodity future contract |  |  | 14 |  |  |  | – |
The Company estimates fair values based on exchange quoted prices from broker market transactions. In such cases, these derivative contracts are classified within Level 2. The Effect of Derivative Instruments on the Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income The table below summarizes the net effect of derivative instruments on the unaudited interim condensed consolidated statements of operations and comprehensive income for the six-month periods ended June 30, 2024 and 2025.
Schedule of derivative instruments on statements of income |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Income statement classification |  |  |  |  |  |  |  |
Cost of revenues |  |  | (107 | ) |  |  | 352 |

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